II 互联网企业多元化策略研究 ——以美团点评并购摩拜单车为例 摘要 互联网欧亿·体育（中国）有限公司是我国“中国制造2025”战略的重要组成部分，对于推进我国经 济新常态下的可持续增长起到不可或缺的作用。随着互联网欧亿·体育（中国）有限公司由高速增长逐渐 进入成熟期，越来越多的互联网企业选择多元化战略，通过混合并购以拓展其业 务领域，避免单一业务经营风险。多元化战略的核心是追求企业长期利润最大化， 是互联网企业应对当前互联网欧亿·体育（中国）有限公司的市场竞争环境而主动选择的发展战略。我国 互联网多元化战略并购案例逐年提升，但仍然存在较高的失败率，战略决策失败 可能会对企业带来巨大的危害。本文聚焦企业多元化战略决策问题，聚焦战略决 策的目标选择问题，分析互联网企业应当如何决策自身多元化战略目标能有效提 高成功率。本文以具体案例为研究对象，探讨多元化战略并购如何进行标的公司 选择。研究工作采用文献研究法、财务分析法、案例研究法 ，聚焦互联网企业实 施多元化战略时产生的问题，从企业战略层面探讨如何合理决策实施多元化战略。 本文以美团点评并购摩拜单车的案例为依托，期望以小见大，尝试丰富国内多元 化战略并购的理论及实践体系。 论文第一部分为引言，介绍了写作背景、写作意义和写作框架，并回顾了前 人的研究成果。第二部分简要解释本文所引用的概念与理论基础，为后文研究奠 定基础。第三部分分析美团点评和摩拜单车的具体背景，分析美团点评的多元化 摘要 III 战略。第四部分从多元化并购战略的价值评价出发，分析案例中的企业并购是否 成功，最后提出相应的具体策略。 本文认为，并购前企业应准确找到自身的定位，发掘自身的核心竞争优势， 在进行多元化战略和选择并购标的时以最大化自身核心竞争优势为主，尽量投资 于能在未来给企业带来大量收入的高潜力业务。 关键词：互联网企业；多元化战略；混合并购；波士顿矩阵 ABSTRACT IV A STUDY ON THE DIVERSIFICATION STRATEGY OF INTERNET ENTERPRISES MEITUAN MERGES MOBIKE AS AN EXAMPLE ABSTRACT The Internet industry is an important part of China's ‘made in China 2025’ strategy, which plays an indispensable role in promoting the sustainable growth of China's economy under the new normal. With the rapid growth of Internet industry, more and more Internet enterprises choose diversification strategy to expand their business areas and avoid single business operation risk through hybrid M & A. The core of diversification strategy is to maximize the long-term profits of enterprises, and it is the development strategy that Internet enterprises actively choose in response to the current market competition environment of the Internet industry. China's Internet diversified strategic M & A cases are increasing year by year, but there is still a high failure rate, strategic decision failure may bring great harm to enterprises. This paper focuses on the strategic decision-making of enterprise diversification, focuses on the goal selection of strategic decision-making, and analyzes how Internet enterprises should make their own diversification strategic goals to effectively improve the success rate. This paper takes the specific case as the research object, discusses how to choose the target company in the diversified strategic M & A. The research adopts the methods of literature research, financial analysis and case study, focusing on the problems arising from the implementation of diversification strategy by Internet enterprises, and discusses how to make reasonable decisions and implement diversification strategy from the perspective of enterprise strategy. Based on the case of Meituan merges Mobike, this paper hopes to enrich the theoretical and practical system of domestic diversified strategic M & A. The first part is the introduction, which introduces the background, significance and framework of this paper, and reviews the previous research results. The second part briefly explains the concept ABSTRACT V and theoretical basis cited in this paper, which lays the foundation for the later research. The third part analyzes the specific background of Meituan and Mobike, and analyzes the diversified strategy of meituan reviews. The fourth part starts from the value evaluation of diversified M & A strategy, analyzes the success in the case, and finally puts forward the corresponding specific strategies. This paper holds that before M & A, enterprises should accurately find their own position, explore their own core competitive advantages, and make the most of their own core competitive advantages when they carry out diversification strategy and select the target of M & A, and try to invest in high potential businesses that can bring a lot of income to enterprises in the future. KEY WORDS: internet enterprise, diversification strategy, hybrid M & A, Boston matrix 目录 VI 目录 摘要 ......................................................................................................................................................................... II ABSTRACT ............................................................................................................................................................... IV 目录 ............................................................................................................................................................................ VI 图目录 ....................................................................................................................................................................... VII 表目录 ...................................................................................................................................................................... VIII 第一章 绪论 ......................................................................................................................................................... - 1 - 1.1 研究的背景与研究的意义 ..................................................................................................................... - 1 - 1.2 文献综述 ................................................................................................................................................. - 2 - 1.3 研究内容与研究方法 ............................................................................................................................. - 5 - 1.4 本文的创新点与不足 ............................................................................................................................. - 7 - 第二章 互联网企业战略决策的理论依据 ......................................................................................................... - 8 - 2.1 企业战略决策的内涵与关键要素 ......................................................................................................... - 8 - 2.2 企业多元化战略决策的理论基础 ......................................................................................................... - 8 - 2.3 企业多元化战略决策的分析方法 ....................................................................................................... - 10 - 2.4 互联网欧亿·体育（中国）有限公司战略特性及其价值评价指标 ........................................................................................... - 11 - 2.5 本章小结 ............................................................................................................................................... - 15 - 第三章 美团点评收购摩拜单车案例分析 ....................................................................................................... - 16 - 3.1 美团点评的企业战略决策基础 ........................................................................................................... - 16 - 3.2 美团点评战略实现难点分析 ............................................................................................................... - 24 - 3.3 美团点评多元化战略并购目标分析 ................................................................................................... - 27 - 3.4 本章小结 ............................................................................................................................................... - 30 - 第四章 并购战略实现价值综合评价分析 ....................................................................................................... - 32 - 4.1 美团与摩拜并购前的经营状况 ...........................................